CROSSING THE GENERATIONS – Communication Breakthrough

This is a reprint of an article I recently wrote for NxtGen Nexus (Jan 16, 2021) which highlights some of the issues around the responsibilities of wealth.

NxtGen Nexus is an organization dedicated to the next generation of family business or family office members whether they are working or not working in the business. Those who are interested in helpful resources for their NextGen will find information about it at the end of the article.

“Dr. Lami this has gotten way out of hand!” said Joel, the 3rd brother amongst the four brothers sitting in my office. “I cannot say anything to Max without him bringing up the past into our conversations and shoving it in my face. I am the CEO now and he keeps reminding me of things that I said or did to him when he was the CEO. How can we run our family business this way? We keep arguing with each other. This has got to stop!”.

I looked at Max and was waiting for his response. Max did not want to speak at first. I encouraged Max to respond and reassured him that this was a safe space to express his true feelings. It took Max a while to open and speak, and when he finally did, he expressed how all his life he felt his brother Joel, as well as Dan and Jack, did not understand him. He also spoke about how his brothers, especially Joel, had been putting him down for years since childhood. How they have not appreciated all that he has done for the family and the family business, in that, while he was CEO the family business grew from being worth $50,000,000 to the current value of $500 million.

The arguments that took place in my office were loud, emotional, and hard to manage. It took some time, but eventually we managed to get to a place that all 4 brothers were able to respectfully communicate with one another and express themselves freely and safely.

Communication issues are a common problem in many life scenarios. Ineffective and hurtful communication is at the heart of many family conflicts. The fact that the two brothers are not able to hear each other and hold in resentments, hurt and frustrations, to the point that it affects the day to day management of the business, indicate that there is a need to address some deep rooted ‘issues’. Usually people arrive at this point because along the way they have held back from truly ‘communicating’ with each other. The hurt, pain, or the feeling of being undervalued, if not properly talked through, usually transforms into issues of control, power struggle and the ego’s desire to be right!

In situations such as the one described in this article; it is important to follow a few communication principles:

  • Acceptance (not necessarily agreement) of other family members’ personal views
  • Making sure not to get caught up in power struggles and ego traps
  • Understand that what we say and what we do not say is equally important

Communication is a vocabulary of words and sentences so it is important how we deliver it and it is equally important to be aware how one may hear it and understand it (i.e. perceived interpretation). Going forwards, when speaking pay attention to how you articulate what you are saying and how it can be perceived by the person(s) you are speaking to.

NxtGen Nexus is a local/global community of Family Business and Family Office NxtGens whose lives are shaped growing up in the shadow of the Family Enterprise. NxtGen Nexus helps the next generation cultivate the singular, shared experience of a NxtGen growing up in a Family Enterprise; highlight their most significant personal, professional and community issues; and challenge them to work together to build a brighter future. Driven by peer-to-peer engagement and buoyed by the professional community dedicated to their success, NxtGen Nexus empowers NxtGens to shatter the “3rdGeneration wall” and eliminate “shirtsleeves to shirtsleeves” in order to achieve personal, family and professional success.

PROGRAM OVERVIEW

WELCOME TO NXTGEN NEXUS – LOS ANGELES from Sasha Strauss, Founder of Innovation Protocol, who has mesmerized audiences in 20 countries. He shares his vision for educating, uniting, and building LA’s Enterprising Family Business future.

NXTGEN NEXUS GLOBAL COMMUNITY PARTNERS – The soul of a Family Business has similarities whether you live in Los Angeles or Laos. Our partners embody the spirit of Family Business and share their passions with you.

“WE NEED TO TALK: A MEMOIR ABOUT WEALTH” – Author Jen Risher won the money game. She and her husband met at Microsoft, then her husband took a position with a start-up called Amazon. In their early thirties, they had more money than they could wrap their heads around—and wealth surprised her. “We Need to Talk” explores the impact of wealth on identity and relationships. Jen’s goal is to help us talk about the taboo subject of money as a way to connect and learn from each other.

NXTGEN CONNECT – There are more than 150 million Family Business/Family Office NxtGens and In-Laws around the world who share similar concerns and expectations based on the overlap of family, business, and wealth. Our goal is to help you find at least one person who shares your interests and concerns, and provides you with a platform for dialogue, idea-sharing and connection.

NXTGEN NEXUS invites you to the

NXTGEN NEXUS VIRTUAL LAUNCH PARTY: Discover Your Community

Wednesday, January 27, 2021 at 4PM PST

Event Location: Details will be sent upon confirmation of the event.

If you are a NxtGen in a family-owned business, a Family Office, or a professional who advises them, the NXTGEN NEXUS virtual launch party is a great event for you. Please REGISTER HERE.

We look forward to seeing you at the event!

Useful advice and further information

How can you help your children cope with Corona pandemic?
How do you reduce stress during times of financial uncertainty?
Financial fears in times of crisis
Coping with stressful times

We are here to better help you navigate through these troubling times with tips and practical tools for reducing stress around reminding and improving relationships.